What Works in Securities Law?
We examine the effect of securities laws on stock market development in 49 countries. We find almost no evidence that public enforcement benefits stock markets, and strong evidence that laws facilitating private enforcement through disclosure and liability rules benefit stock markets.
Non-Technical Summaries
- Public enforcement appears to play a small role in the development of stock markets...Private enforcement systems foster greater investor...
Published Versions
Rafael Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, 02. citation courtesy of 
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